Most businesses are born from a dream and to create a successful business, your vision needs to be tended and nurtured into reality. However, when it comes to tackling the steps required, the process can become overwhelming and your brilliant business idea may end up being thrown into the ‘too hard basket’ before it has a chance to blossom.
To ensure your business dreams aren’t sidelined, it’s important to create a step-by-step plan. You need to start by determining; what your dreams are, how you will achieve them, how you will stay accountable throughout your journey, and how you will measure the milestones to success.
Here are Numble’sTM 7 simple steps to making your business dreams come true:
Step 1: Brainstorm, research and plan
Depending on the type of business you want to create, you may choose to do this alone or partner with some key associates to help establish and test your business ideas. Test out your ideas, brainstorm improvements and think laterally about how to extend and increase your target market.
Once you determine what you are selling and establish that there is a demand, you need to; research your concept, market trends, demand levels, competition and expected growth projections.
It’s critical at this stage to establish some Key Performance Indicators (KPIs), so you have key metrics to measure and guide you towards your business objectives. KPIs will assist in; keeping track of your company’s financial health, helping you measure your progress, analysing patterns over time and identifying opportunities. Monitoring your KPI’s will enable you to tweak your business approaches and stay on track.
Step 2: Know your numbers
It’s critical that before proceeding with your business plan, you establish and develop your financial targets. Engaging a qualified accountant or bookkeeper will provide the expertise needed to understand, prepare and navigate this area to optimise your success.
You also need to establish a realistic budget that includes your planned revenue and expenditure and keep you within your cash flow limits.
Financial forecasts should be prepared and updated regularly. Monitoring your performance against agreed targets, then keeping agile by modifying and adjusting your targets and forecasts will give you the optimal chances of achieving your goals.
Using current and past performances to predict future trends will clearly indicate how your business is performing, where it’s headed, and identify the challenges and rewards ahead.
Step 3: Break down your goals into manageable steps
While setting your long-term goals is vital and establishes a framework for success, breaking down the journey into stages and setting shorter-term milestones and targets is also important. Setting objectives closer to the horizon can provide great motivation to keep going, even when you stumble at the occasional roadblock along the way.
Make sure you are specific. Avoid vague goals such as “improve sales” as they lack any real substance and are difficult to measure. It really helps to break down your big goals into manageable and measurable steps.
Make sure you set S.M.A.R.T. goals.
Specific – what exactly do you want to achieve?
Measurable – how am I going to measure my progress?
Achievable – is my goal realistic and attainable?
Relevant – is my goal relevant to my business dreams? And finally,
Time-based – what is the timeframe I have set to reach my goal?
Step 4: Create a timeline for building your business dreams
It’s impossible to do everything at once. Break down and prioritise your goals into specific timeframes, so you know when each stage needs to be completed and where you need to go next.
Assigned deadlines will keep you and those responsible for each milestone on track while minimising any panic or feeling overwhelmed by the scale of the big picture.
Never forget to celebrate your progress wins and stage achievements along the way. It’s easy to get dispirited when things get tough, and nothing ever goes 100% to plan, so make sure you acknowledge and celebrate the milestones you reach along the way. This will help keep you engaged and motivated while you work towards fulfilling your ultimate business dream.
Step 5: Stay accountable
Share your dreams and assign a trusted person to keep you accountable. Make sure they are someone you can trust to keep you focused and on task. Choose someone you know will check on your progress, provide support and encouragement when needed and give you a firm push if you start to waver.
Make all team members accountable for their roles in your business. Set clear targets and timelines, make sure they regularly report their progress and keep them accountable.
Step 6: Outsource roles and responsibilities
Outsourcing is an excellent way of getting the necessary to-dos and tasks quickly and accurately. Assigning specific roles and tasks to industry experts will ensure you don’t give up at the first hurdle or get stuck on something outside your experience and capacity.
Outsourcing tasks such as IT, compliance, HR, bookkeeping and accounting will ensure your business is running efficiently as well as being legally and securely protected, saving time and money in the long run.
Step 7: Follow up
Review your timeline, action items, and progress at least once a month.
True business success is in the daily repetition of necessary tasks, so monitoring your business objectives and staying on top of your plans will ensure you stay aligned with your goals overall.
Above all else, don’t get discouraged if you need to readjust your goals and timelines as you progress through your business growth journey.
By creating a robust plan, breaking it down into achievable stages, keeping agile and adjusting where needed, and getting support from experts, you’ll be in a great position to achieve the business of your dreams.
If you need help creating your dream business, contact NumbleTM today by booking a free consultation, or give us a call on 1300 852 575.